Thinking of Retiring Abroad?

According to a 2017 report from International Living Magazine, Mexico tops the list of places to retire abroad. Panama ranks second, followed by Ecuador, Costa Rica, and Colombia.¹

Many retirees consider moving out of the country in search of greater affordability, adventure, and a change in lifestyle. However exciting retiring abroad may sound, it deserves considerable planning.

Things to consider

Where do you want to retire?

There are many starting points for this search, but primary considerations may include cost of living, stability of the country, access to healthcare, the type of experience you desire, and the climate.

Engage your spouse in the conversation since both of you need to be happy and excited in order for a move to work long term.

Visit prospective candidates

Test drive the country you are considering. No amount of research from your living room can replace being on the ground experiencing the people and actual living conditions.

Check visa and residency requirements

Each country has different requirements for permanent residency. Some have programs designed to welcome retirees. In any case, you’ll need to know what is required of you before putting down roots.

Make an appointment with a tax advisor

While visiting prospective countries, spend time with a local tax advisor to understand the country’s taxation of U.S. retirees. You don’t want any surprises.²

Nirvana doesn’t exist

As you go through this process, appreciate that each country will have its pluses and minuses. You will need to balance them based on your personal priorities. Also, try to remember that most countries will not offer a U.S.-style living.

Consider health insurance

Since Medicare generally does not cover health care expenses incurred overseas, as is the case for private U.S.-based health insurance, you should research health insurance that will cover you in the country of your choice.

Consider renting first

Moving into an unknown area makes intelligent real estate decisions difficult. Consider renting to learn the area, understand the neighborhood, and learn whether it offers the range of activities you want.

Beware of scams

A retiree working on a dream is fertile territory for people looking to separate you from your money. Work with only reputable businesses that you’ve identified from research and referrals.

International Living, January 1, 2017

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

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The content is developed from sources believed to be providing accurate information.
The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals
for specific information regarding your individual situation. Some of this material was developed and produced by
FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named
representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and
material provided are for general information, and should not be considered a solicitation for the purchase or
sale of any security.

Copyright 2019 FMG Suite.

Susan Gilman is a Registered Representative and Investment Advisor Representative through KMS Financial Services, Inc. Susan Gilman holds Series 6, 7, 62, 63 and 65 licenses and can transact business with clients in CA, CO, ID, NV, NC, OR, TX, and WA. Susan Gilman is also an Investment Advisor Representative through KMS Financial Services, Inc. in NV, OR, TX, and WA. We may only offer services in states in which we have been properly registered or are exempt from registration. Therefore some of the services mentioned may not be available in your state, and if not, the information is not intended for you.

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